Kinetik (NASDAQ:KNTK) Releases Quarterly Earnings Results, Misses Expectations By $0.17 EPS

Kinetik (NASDAQ:KNTK) announced its quarterly earnings results on Wednesday. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.17), Briefing.com reports. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. During the same quarter in the prior year, the company earned $0.21 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis.

Kinetik Trading Up 7.5 %

KNTK opened at $56.42 on Friday. The stock has a fifty day simple moving average of $47.50 and a two-hundred day simple moving average of $43.29. The company has a market cap of $8.89 billion, a price-to-earnings ratio of 21.95, a price-to-earnings-growth ratio of 2.29 and a beta of 2.91. Kinetik has a 12-month low of $31.73 and a 12-month high of $57.15.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.53%. The ex-dividend date of this dividend was Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is currently 121.40%.

Wall Street Analyst Weigh In

KNTK has been the subject of several recent analyst reports. Barclays boosted their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Royal Bank of Canada boosted their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Mizuho boosted their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.71.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.